Recent House Price Index report brings good news for homeowners
The Halifax recently released its House Price Index report for February 2017 and I’m pleased to say there’s good news for the housing market! Here are the highlights:
- 0.1% monthly increase in house prices
- Prices in the three months to February 2017 were 1.7% higher than in the preceding quarter
- A 5.1% year on year increase (that is when comparing the three months to February 2017 with the same period a year ago)
- An average property price across the UK of £219,949
These increases might seem small but in the midst of uncertainty following the vote to leave Europe, these figures are encouraging. While we must not overdo our optimism, some reassurance for homeowners could also be found in Philip Hammond’s March 2017 budget in which he reported that “... average house prices are forecast to increase at an average annual rate of 4.8%”.
Let’s hope the positive news continues and that spring brings out house buyers as well as the daffodils!
Those seeking to buy a home will be less pleased that housing demand continues to outstrip the supply of available housing. However, with the government’s current focus on increasing the number of houses built in the UK, the supply should slowly start to improve.
Further information
You can read the report from the Halifax here.
More information about how the Halifax prepare their House Price Index can be found here.
Contact
To discuss issues relating buying and selling property, contact us on 0161 785 3500 or make an enquiry.
Posted 30 March 2017
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